TCRLA_Public/150602.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Tuesday, June 2, 2015, Vol. 16, No. 107


                            Headlines



A N T I G U A  &  B A R B U D A

ANTIGUA & BARBUDA: IMF Urges Gov't to Immediately Cut Spending
AYOUSHE BEAUTY: Workers Deny Rumors of Imminent Closure


B R A Z I L

GENERAL MOTORS: Gives Workers Paid Time Off to Cut Production
PARANAPANEMA: S&P Affirms 'B+' CCR & Revises Outlook to Positive


C A Y M A N  I S L A N D S

ABSOLUTE PARTNERS: Creditors' Proofs of Debt Due June 24
ABSOLUTE PARTNERS MASTER: Creditors' Proofs of Debt Due June 24
AJW MASTER: Creditors' Proofs of Debt Due June 5
AJW MASTER II: Creditors' Proofs of Debt Due June 5
GS PRIVATE: Creditors' Proofs of Debt Due June 26

INVEST AD: Commences Liquidation Proceedings
INVEST AD CARRY: Commences Liquidation Proceedings
MAHOGANY LTD: Creditors' Proofs of Debt Due June 25
MASTER GOAL: Creditors' Proofs of Debt Due June 25
PARTNERS EMERGING: Commences Liquidation Proceedings

SHAMROCK: Creditors' Proofs of Debt Due June 15
VENTRA (BARBADOS): Commences Liquidation Proceedings


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Fitch Affirms 'B+' LT IDR; Outlook Stable


J A M A I C A

JAMAICA: Moody's Upgrades Government Bond Rating to Caa2
JAMAICA: Improved Moody's Rating Will Help Country, Minister Says


M E X I C O

AXTEL S.A.B.: Fitch Affirms 'B' IDR; Outlook Stable
BANCA MIFEL: Fitch Raises IDR to 'BB'; Outlook Stable
BANCA MIFEL: Fitch Ups Viability Rating to 'bb'
MAXCOM TELECOMUNICACIONES: S&P Affirms 'B-' CCR; Outlook Stable
QUALITAS CONTROLADORA: S&P Affirms 'BB' Counterparty Credit Rating


P U E R T O    R I C O

PUERTO RICO AQUEDUCT: S&P Retains 'CCC+' Rating on Watch Neg.
PUERTO RICO ELECTRIC: Puerto Rico Gets $3.5BB Plan to Fix Utility


X X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


ANTIGUA & BARBUDA: IMF Urges Gov't to Immediately Cut Spending
--------------------------------------------------------------
The Daily Observer reports that the International Monetary Fund is
warning the Antigua and Barbuda government that its ABLP
administration's current policies do not appear sustainable.

In its third post program monitoring assessment, the IMF says
urgent actions are needed including immediate spending cuts,
according to The Daily Observer.

The IMF is encouraging the authorities to adopt a comprehensive
medium-term fiscal consolidation program starting in June 2015,
the report relates.

The IMF directors said by the time June comes the government
should start announcing new measures, the report notes.

They, as per usual, recommend lowering the wage bill -- presumably
either by cutting staff or slashing salaries, the report says.

They further advise strengthening tax administration to improve
collections, cutting spending on goods and services and giving
less money to state owned enterprises or statutory corporations,
the report discloses.

They also suggest improving expenditure and payment control,
reducing public sector cross debts, and strengthening oversight of
state-owned enterprises, the report notes.

The report discloses that the IMF recognized that funds from the
citizenship by investment program are helping the situation but
warned the extra money should not encourage the government to
loosen plans to sort out its poor financial situation.

The fund said on current policies, economic growth would remain
moderate and the fiscal situation would improve but cash flow
problems would persist and the debt situation could become even
more unsustainable, the report relays.

The directors threw their support behind continued efforts to
attract foreign investment but overall they say they remain
concerned that under current policies, the country's ability to
repay the Fund may be at risk, the report adds.


AYOUSHE BEAUTY: Workers Deny Rumors of Imminent Closure
-------------------------------------------------------
The Daily Observer reports that the staff at Ayoushe Beauty Supply
& Beyond have denied claims that the city business is facing
imminent closure, just hours after Observer media witnessed
employees removing much of the stock from the store and loading it
onto two trucks around midnight Wednesday, May 27.

The rumor also comes just days after US marshals escorted the
owner of the business, Morrad "Ayoushe" Ghonim from the country to
face a murder charge in the 1992 shooting death of his first wife,
Victoria Maria Ghonim, in the US, according to The Daily Observer.

When the business opened at daybreak, Thursday, May 28, the
usually clothed mannequins stood naked in the display window,
while the shelves and racks where ladies' clothing and other
beauty products were once stored, were empty, the report
discloses.

Scores of residents flocked the store as a sale was suddenly
announced for the few remaining items, the report says.

But when Observer media contacted the business via phone, twice,
and visited the location around mid-morning, a staff member said:
"We don't have a closing down sale.  We're having the usual annual
event before Carnival," the report relays.

For the past week, there has been speculation that the business
will shut down as Mr. Ghonim faces prosecution in the US courts,
the report relays.

But his wife, Nadira Lando-Ghonim, told Observer media during an
interview that employees had no reason to worry about their jobs
since she would not be closing the business, the report notes.

Ms. Lando-Ghonim also said the services to the community will
remain the same, the report relays.

The Ayoushe business has been a big supporter of Carnival, and
sponsoring several events each year, including a local Ms. Antigua
contestant, since it opened in April 2011, the report adds.


===========
B R A Z I L
===========


GENERAL MOTORS: Gives Workers Paid Time Off to Cut Production
-------------------------------------------------------------
EFE News reports that General Motors will give 15 days of paid
vacation to 1,700 workers at its factory in the Brazilian city of
Sao Jose dos Campos in Sao Paulo state in order to cut back on
production, union officials said.

The days off will be between June 15-30 and will specifically
affect the assembly line of the Chevrolet S10, the city's
metalworkers' union said, according to EFE News.

Several car manufacturers have forced workers to take vacations in
order to reduce production in response to the decline in sales,
while others, as in the case of Mercedes-Benz, have laid employees
off, the report notes.

In early May, General Motors gave paid leave for an indeterminate
length of time to 467 employees at its factory in the city of Sao
Caetano do Sul, while Volkswagen did the same with 8,000 of the
13,000 workers at its plant in nearby Sao Bernardo do Campo, the
report relates.

Vehicle production dropped 17.5 percent between January and April
compared with the same period last year, while sales were down
19.2 percent for that four-month period, according to figures of
the National Motor Vehicle Manufacturers Association, or Anfavea,
the report notes.

Anfavea estimates that Brazilian manufacturers have reduced their
labor forces by 9.5 percent so far this year, from the 144,200
workers they had last December to 139,000 in April, in order to
adjust to the lower demand, the report notes.

The cutback looms even larger if compared with the 154,200 workers
employed by vehicle manufacturers in April 2014, the report
discloses.


PARANAPANEMA: S&P Affirms 'B+' CCR & Revises Outlook to Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its national scale
rating on Paranapanema S.A to 'brBBB+' from 'brBBB'.  The outlook
on this rating is positive.  S&P also revised its outlook on its
'B+' global scale corporate credit rating to positive from stable.
In addition, S&P affirmed this rating.

The rating actions reflect Paranapanema's stronger and more stable
EBITDA margins and cash flow generation, thanks to the hedging
strategy the company has implemented in the past few quarters to
provide cushion against copper-price volatility.  Also,
Paranapanema has benefited from high premiums for refined copper
and from its ability to rapidly adjust its portfolio of clients
amid a weak demand in Brazil, which used to account for about 60%
of the company's sales in the past few years.

The positive outlook indicates that an upgrade can occur in the
next 12-18 months if consistently stronger and more predictable
FOCF generation reduces debt levels and S&P's view of
Paranapanema's financial risk profile improves.  S&P's "weak"
business risk profile on the company reflects its high
concentration in one production asset; limited scale, scope, and
diversification; exposure to a cyclical and capital-intensive
industry; very tight, though improving, operating margins; and the
potential competition from importers and domestic manufacturers
amid weak global demand.

Nevertheless, Paranapanema's exports soared 78% in the first
quarter of 2015 amid a weak demand in Brazil.  It also became more
competitive on weaker Brazilian real, in which about 15% of the
company's costs are denominated.  In addition, Paranapanema isn't
subject to the same tax duties as importers, which supports the
company's leading market position in Brazil.  In addition, the
recent closure of the Capuava plant should improve operating
margins, owing to lower fixed costs and higher capacity use at the
main plant, which should raise the company's operating efficiency.

S&P still assess the company's financial risk profile as
"aggressive" despite somewhat stronger credit metrics for the
category.  This is mainly due to the historically high volatility
in earnings and working capital management, which S&P wants to
monitor for a longer track record to assess management's
commitment to conservative financial policies, including the use
of derivatives, investments, and shareholders' remuneration
strategy.


==========================
C A Y M A N  I S L A N D S
==========================


ABSOLUTE PARTNERS: Creditors' Proofs of Debt Due June 24
--------------------------------------------------------
The creditors of Absolute Partners Special Opportunities Fund
Limited are required to file their proofs of debt by June 24,
2015, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 15, 2015.

The company's liquidator is:

          Henry Li
          Prosperity Tower, Unit 2102, 21st Floor
          39 Queen's Road Central
          Hong Kong


ABSOLUTE PARTNERS MASTER: Creditors' Proofs of Debt Due June 24
---------------------------------------------------------------
The creditors of Absolute Partners Special Opportunities Master
Fund Limited are required to file their proofs of debt by June 24,
2015, to be included in the company's dividend distribution.

The company commenced liquidation proceedings on May 15, 2015.

The company's liquidator is:

          Henry Li
          Prosperity Tower, Unit 2102, 21st Floor
          39 Queen's Road Central
          Hong Kong


AJW MASTER: Creditors' Proofs of Debt Due June 5
------------------------------------------------
The creditors of AJW Master Fund, Ltd are required to file their
proofs of debt by June 5, 2015, to be included in the company's
dividend distribution.

The company's liquidator is:

          Ian Stokoe
          c/o Ben Henshilwood
          P.O. Box 258 Grand Cayman KY-1104
          Cayman Islands
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237
          e-mail: Ben.Henshilwood@ky.pwc.com


AJW MASTER II: Creditors' Proofs of Debt Due June 5
---------------------------------------------------
The creditors of AJW Master Fund II, Ltd are required to file
their proofs of debt by June 5, 2015, to be included in the
company's dividend distribution.

The company's liquidator is:

          Ian Stokoe
          c/o Ben Henshilwood
          P.O. Box 258 Grand Cayman KY-1104
          Cayman Islands
          Telephone: (345) 914 8743
          Facsimile: (345) 945 4237


GS PRIVATE: Creditors' Proofs of Debt Due June 26
-------------------------------------------------
The creditors of GS Private Equity Management Offshore, Inc. are
required to file their proofs of debt by June 26, 2015, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 4, 2015.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Jennifer Chailler
          Telephone: (345) 943-3100


INVEST AD: Commences Liquidation Proceedings
--------------------------------------------
On May 4, 2015, the sole shareholder of Invest AD GP Company
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Hazem Ahmed Ali Zaidan
          Flat No. 1506, 15th Floor
          Al Siri Tower
          Hamdan Street
          Abu Dhabi
          United Arab Emirates


INVEST AD CARRY: Commences Liquidation Proceedings
--------------------------------------------------
On May 4, 2015, the sole shareholder of Invest AD Carry GP II
Limited resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Hazem Ahmed Ali Zaidan
          Flat No. 1506, 15th Floor
          Al Siri Tower
          Hamdan Street
          Abu Dhabi
          United Arab Emirates


MAHOGANY LTD: Creditors' Proofs of Debt Due June 25
---------------------------------------------------
The creditors of Mahogany Ltd. are required to file their proofs
of debt by June 25, 2015, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 30, 2015.

The company's liquidators are:

          Sarah Bell
          Mark Bouteloup
          Citron 2004 Limited
          Telephone: + 44 1534 282276
          Facsimile: + 44 1534 282400
          23-25 Broad Street
          St Helier Jersey
          JE4 8ND
          Telephone: 01534 282345


MASTER GOAL: Creditors' Proofs of Debt Due June 25
--------------------------------------------------
The creditors of Master Goal Limited are required to file their
proofs of debt by June 25, 2015, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 6, 2015.

The company's liquidator is:

          Buchanan Limited
          c/o Allison Kelly
          Telephone: (345) 949-0355
          Facsimile: (345) 949-0360
          P.O. Box 1170, George Town
          Grand Cayman KY1-1102
          Cayman Islands


PARTNERS EMERGING: Commences Liquidation Proceedings
----------------------------------------------------
On May 4, 2015, the sole shareholder of Partners Emerging
Opportunities Fund Ltd. resolved to voluntarily liquidate the
company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Francois Sakellaridis
          c/o STG
          Petit Cerisier 11
          1066 Epalinges
          Switzerland


SHAMROCK: Creditors' Proofs of Debt Due June 15
-----------------------------------------------
The creditors of Shamrock are required to file their proofs of
debt by June 15, 2015, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on April 22, 2015.

The company's liquidators are:

          Susan Craig
          Lorna Carroll
          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


VENTRA (BARBADOS): Commences Liquidation Proceedings
----------------------------------------------------
On April 29, 2015, the shareholders of Ventra (Barbados) SRL
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Britannia Corporate Management Ltd
          c/o Gary F. Oakley
          196 Raleigh Quay
          Grand Cayman KY1-1104
          Telephone (345) 949 2700


===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Fitch Affirms 'B+' LT IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed the Dominican Republic's long-term foreign
and local currency Issuer Default Ratings at 'B+'.  The issue
ratings on the Dominican Republic's senior unsecured foreign and
local currency bonds are also affirmed at 'B+'.  The Rating
Outlooks on the long-term IDRs are Stable.  The Country Ceiling is
affirmed at 'BB-' and the Short-term foreign currency IDR at 'B'.

KEY RATING DRIVERS

The Dominican Republic's ratings are underpinned by its higher per
capita income and more diversified economic structure than peers.
The country has a record of resilient growth and macroeconomic
stability and benefits from diverse external financing sources.
These credit strengths are balanced by the vulnerability of the
country's external balance sheet due to its relatively high
external financing needs, large exposure of sovereign debt to
currency risks, and low international reserves in the context of
limited exchange rate flexibility.  A narrow revenue base,
budgetary rigidities and election-related spending have affected
fiscal policy predictability and increased the public debt burden.

The Stable Outlook factors in the positive impact from lower
international oil prices on the country's burdensome fuel imports
and electricity subsidies in addition to the boost to trade,
investment, remittances and tourism inflows from the recovery in
the U.S.  These tailwinds are likely to support economic growth,
external accounts and public finances in 2015-2016.  However,
higher interest rates in the U.S. could increase borrowing costs
and currency volatility.  Moreover, the uncertainty surrounding
the length and competitiveness of the upcoming electoral campaign
poses risks to the fiscal accounts.

The Dominican Republic has demonstrated resilience through adverse
domestic and external cycles.  The country's five-year average
growth reached 5.2% in 2014, well above the 'B' median of 4.4%,
driven by robust private consumption, investment in public
infrastructure, mining and tourism exports.  In the absence of
productivity-enhancing reforms, Fitch expects economic activity
will remain robust decelerating to 4.9% in 2015-2016.

Cyclical and structural factors are improving the Dominican
Republic's balance of payments.  The current account deficit (CAD)
will continue narrowing to 2.5% of GDP on average in 2015-2016,
driven chiefly by low near-term oil prices and strengthening
current account receipts (CXR).  Fitch forecasts that an improved
external amortization schedule coupled with the lower CAD could
reduce the Dominican Republic's gross external financing needs to
92% of international reserves in 2015-2016, albeit higher than the
'B' median, 75%.

However, the country's external balance sheet remains vulnerable.
International reserve coverage has increased in recent years but,
at 2.4 months of current external payments in 2014, provides
limited buffer against external shocks in the context of an
actively managed exchange rate regime.  Moreover, net external
debt as well as amortization and interest payments, 63% and 16% of
CXR in 2014, are higher than the respective 'B' medians.

Fiscal consolidation is proceeding in line with government
targets.  The general government deficit fell to 2.8% of GDP in
2013-2014 from the unprecedented 6.4% in the 2012 electoral year
through tax reform and cuts to capital investment.  Under Fitch's
base case, the general government deficits will moderate to 2.5%
of GDP in 2015 driven by lower energy subsidies and increase to
3.4% in the run-up to the general elections in May 2016.

Fitch expects the general government to achieve a small 0.2% of
GDP primary surplus in 2015, with public debt coming down
moderately to around 35% of GDP, below the 'B' median of 50%, due
to the recent liability management operation that redeemed
PetroCaribe debt.  The government's financing flexibility has
increased with international capital market and multilateral
access and steady development of local capital markets.  However,
the 73% foreign currency-denomination of public debt and non-
resident participation in the local debt market expose the
sovereign to foreign exchange (FX) and capital market volatility
risks.

Inflation is likely to remain subdued near 3% for end-2015, lower
than the official 4.0%+/-1% target, reflecting low oil import
prices, exchange rate stability and slower domestic demand.  While
transitioning toward an inflation-targeting monetary regime,
monetary policy flexibility remains constrained by quasi-fiscal
losses, rapid pass-through of imported costs, and financial
dollarization.

The 2016 election cycle could slow progress on the reform agenda,
particularly as a constitutional amendment to permit consecutive
presidential terms takes political precedence in 2015.  While the
authorities honored the legal mandate to raise funding for
education and increased investment in power generation, progress
on adjusting tariffs and tackling theft in the electricity sector,
and a fiscal pact will be difficult before the elections.

RATING SENSITIVITIES
The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.  The main
factors that individually, or collectively, could trigger a rating
action are:

Positive:

   -- Strong growth and investment performance relative to peers
      without increasing macroeconomic imbalances;
   -- Fiscal restraint through the electoral cycle;
   -- Reduction of external vulnerabilities;

Negative:
   -- Fiscal slippage and growth underperformance leading to
      deteriorating debt dynamics;
   -- Erosion of foreign reserves and increased macroeconomic
      instability;
   -- Emergence of financing constraints.

KEY ASSUMPTIONS

The ratings and Outlooks are sensitive to a number of assumptions:

   -- Fitch forecasts that average U.S. growth of 2.9% in 2015-
      2016 will support the Dominican Republic's economic growth
      and external accounts, given the strong trade and financial
      linkages between the two countries.

   -- The Dominican Republic's fiscal and external forecasts
      assume that annual gold production is sustained at 1 million
      ounces and international prices average USD1200 per ounce in
      2015-2016, benefiting exports and mining royalties.  Fitch's
      latest projections also factor in adjustment of the average
      Brent oil price to USD65 per barrel in 2015 and USD75 in
      2016, resulting in reductions in the country's fuel import
      bill and electricity transfers.

   -- Fitch assumes that the normalization of monetary policy
      rates in the U.S. proceeds in an orderly manner and there
      are no large capital outflows or external market financing
      constraints for the Dominican Republic in 2015-2016.


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J A M A I C A
=============


JAMAICA: Moody's Upgrades Government Bond Rating to Caa2
--------------------------------------------------------
Moody's Investors Service upgrades Jamaica's government bond
rating and government-related entities to Caa2 from Caa3, changes
the country ceilings, and maintains a positive outlook.

Moody's decision to upgrade Jamaica's rating was driven by the
following factors:

   1. Fiscal consolidation and strong commitment to structural
      reforms

   2. Improving balance of payments position and reduced external
      Vulnerabilities

The positive outlook reflects Moody's expectation that Jamaica
will sustain the reform momentum under the IMF-supported program,
solidify fiscal adjustment to put government debt metrics firmly
on a downward trajectory.

This rating action also applies to the Government of Jamaica's
related entities: Air Jamaica Limited, and the National Road
Operating and Constructing Co. Ltd.

As a result of this rating action, the long-term foreign currency
bond ceiling changed to B2 from B3.  The long-term foreign
currency deposit ceiling changed to Caa3 from Ca.  The long-term
local currency bond and deposit ceilings changed to B1.  The
short-term foreign currency bond and deposit ceilings remain
unchanged at NP.

                         Ratings Rationale

First Driver -- Fiscal consolidation and strong commitment to
structural reforms

"Despite persistently low economic growth and high debt burden,
two factors that constrain Jamaica's rating, the authorities have
made substantive progress towards completing their fiscal
consolidation program.  They have introduced tax and expenditure
reform measures, and maintained a large primary surplus of 7.5%
over the past two years.  We expect these reforms to put public
finance on a more sound footing and help reach the authorities'
target of cutting debt to less than 100% of GDP by 2020 from a
135% peak in 2013.  The IMF-supported program remains firmly on
track.  It envisages reaching a balanced budget by 2016/17 and
maintaining a primary surplus of 7.0% of GDP afterwards, which is
necessary to ensure debt reduction.  The Jamaican authorities have
also approved rules to bolster fiscal transparency and lock in the
hard-won gains of the ongoing fiscal consolidation.  Several key
reforms have been completed to improve Jamaica's business climate
including a reform of tax incentives, implementation of the
minimum business tax, and simplifying tax return filing for self-
employed, allowing the country to advance 27 places on the Ease of
Doing Business indicator compiled by the World Bank.  The
authorities' strong commitment and general consensus over reforms
is supporting business confidence and private investment to boost
economic growth prospects in the next 2-3 years."

Second Driver -- Improving balance of payments position and
reduced external vulnerabilities

"Jamaica's current account (CA) deficit has narrowed significantly
in 2014/15 as a result of continued import compression and the
drop in oil prices, with further improvement projected in 2016.
FDI flows have rebounded to around 5% of GDP since 2013 and we
project they remain at that level, supported by improved foreign
investor sentiment and successful privatization of Kingston
Container Terminal (KCT) and the Norman Manley International
Airport by end 2015.  Moody's expects the government's interest
bill to drop to less than 6% by 2017/18 from nearly 10% of GDP in
2012/13 reducing the government's financing needs.  We expect
Jamaica's External Vulnerability Indicator (EVI), which relates
upcoming external debt maturities and short term external debt to
the level of international reserves to decline to 126% in 2015
from 134% the previous year."

                       Positive Outlook

"The positive outlook assigned to the country's Caa2 rating
reflects our expectation that the authorities will sustain the
reform momentum under the IMF-supported program, and solidify
fiscal adjustment to put government debt metrics firmly on a
downward trajectory consistent with Jamaica's medium-term goal of
reducing government debt to 96% of GDP by 2020. In addition,
implementation of the government's growth agenda has the potential
to reduce energy cost and boost GDP growth beyond current
assumption of around 2% potential growth, which could accelerate
the pace of debt reduction."

              What Could Move the Ratings Up/Down

Upward rating pressure could result from: (1) sustained fiscal
consolidation to reduce government debt ratios, and (2) higher GDP
growth.

Downward pressure on the rating could arise from (1) failure to
avoid a persistent increase in debt ratios, or (2) reversal of
fiscal reforms.

                        Country Ceilings

As a result of this rating action, the long-term foreign currency
bond ceiling changed to B2 from B3. The long-term foreign currency
deposit ceiling changed to Caa3 from Ca.  The long-term local
currency bond and deposit ceilings changed to B1.  The short-term
foreign currency bond and deposit ceilings remain unchanged at NP.

GDP per capita (PPP basis, US$): 8,609 (2014 Actual) (also known
as Per Capita Income) Real GDP growth (% change): 0.5% (2014
Actual) (also known as GDP Growth) Inflation Rate (CPI, % change
Dec/Dec): 4% (2014 Actual) Gen. Gov. Financial Balance/GDP: -0.7%
(2014 Actual) (also known as Fiscal Balance) Current Account
Balance/GDP: -8.7% (2014 Actual) (also known as External Balance)
External debt/GDP: 96.2% (2014 Actual) Level of economic
development: Low level of economic resilience Default history: At
least one default event (on bonds and/or loans) has been recorded
since 1983.

On 27 May 2015, a rating committee was called to discuss the
rating of the Jamaica, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have increased.  The issuer's
institutional strength/framework, have materially increased.  The
issuer's fiscal or financial strength, including its debt profile,
has improved.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in September 2013.


JAMAICA: Improved Moody's Rating Will Help Country, Minister Says
-----------------------------------------------------------------
RJR News reports that Finance Minister Dr. Peter Phillips is
predicting that the improved credit rating issued by international
rating agency, Moody's, will help Jamaica in its economic
recovery.

Moody's has upgraded Jamaica's government bond rating and
government-related entities to Caa2 from Caa3, and in doing so,
explained that the move was influenced by the government's
commitment to its fiscal reform program, aimed at reducing the
country's massive debt, according to RJR News.

The report notes that it also gave the country a positive outlook,
which means there could be further rating upgrades if the current
trajectory is maintained.

Dr. Phillips said the upgrade will have a positive outcome for
Jamaica on the international capital market, particularly in
respect of interest rate, the report discloses.

Moody's in its notes accompanying the rate upgrade, said Jamaica's
economy should grow more robustly in the next two to three years,
says the report.


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M E X I C O
===========


AXTEL S.A.B.: Fitch Affirms 'B' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Axtel S.A.B. de C.V.'s Long-term Local-
and Foreign-Currency Issuer Default Ratings at 'B' and the Long-
term National Scale Rating at 'BB-(mex)'.  The Rating Outlook is
Stable.

Fitch has also affirmed these ratings:

   -- Senior secured notes due 2020 at 'B+/RR3';
   -- Senior secured convertible notes due 2020 at 'B+/RR3';
   -- Senior unsecured notes due 2019 at 'B-/RR5';
   -- Senior unsecured notes due 2017 at 'B-/RR5'.

KEY RATING DRIVERS

Axtel's ratings reflect its sound liquidity position following the
successful recapitalization during 2013 via the debt exchange and
tower sales which led to improved financial flexibility with
extended debt maturities and lower leverage.  They also reflect
positive impacts from telecom sector reform and the company's high
exposure to an enterprise business segment in which the
competitive intensity is lower than in a residential market
segment.

The company's ratings are tempered by its weak market position,
continued contraction in fixed-voice revenues, and negative free
cash flow (FCF) generation due to high capex.  The stability of
the ratings will hinge on Axtel's ability to sustain EBITDA
growth, which is mainly tied to its data and Internet revenues
including enterprise/government solutions, which helps mitigate
pressures on the traditional voice services.  EBITDA growth in
line with that of 2014 and the first quarter of 2015 (1Q15) would
be necessary to support its working capital and capex requirements
without any significant need for external financing.

Good Liquidity:

Fitch does not foresee any liquidity problem for Axtel in the
short- to medium-term as the company faces no sizable debt
maturity until 2017.  The company has retained a sound liquidity
profile since its debt exchange and sale-and-leaseback of its
tower assets during 2013.  As of March 31, 2015, Axtel held a cash
balance of MXN3.2 billion as well as committed credit facilities
of worth USD130 million (equivalent to approximately MXN2
billion), which compare to its short-term debt of just MXN493
million.  In March 2015, the company agreed with America Movil to
terminate all outstanding legal disputes regarding interconnection
rates.  As part of the agreement, Axtel received a cash payment of
MXN950 million which also helped further bolster its cash
position.

As of March 31, 2015, the company's total debt amounted to MXN11.7
billion, mainly composed of USD50.4 million (MXN764 million) and
USD101.7 million (MXN1.5 billion) of 2017 and 2019 unsecured
notes, respectively, and USD565.4 million (MXN8.4 billion) of 2020
secured notes, including convertible notes.  Other debt included
loans and financial leases.

Slow Growth Ahead:

Fitch forecasts Axtel's revenue growth to remain weak in 2015,
contracting since 3Q14, mainly due to the slower-than-expected IT
solution and equipment sales to government entities and on-going
voice revenue erosion.  The weak growth was also exacerbated by
the elimination of domestic long-distance charges from 2015 as a
result of the telecom reform.  During the last 12 months (LTM) as
of March 31, 2015, the company's revenues declined by 8% compared
to the same period a year ago.

Positively, Axtel's gradual revenue mix change is favorable with
an increased exposure to enterprise clients and data-based
services, away from traditional fixed-voice service and
residential segments, where the competitive pressure remains high.
Fitch believes that the long-term demand outlook for enterprise IT
services is solid, despite recent slowdown, and the company's
focus on fiber-to-the-home (FTTH) with IPTV should enable steady
subscriber and revenue growth in the broadband segment.  These
segments should fully offset the ongoing revenue contraction in
the traditional fixed-voice service over the long term.  Axtel's
revenue generation from its residential market segment accounted
for just 25% during 2014.

Positive Reform Impact:

The telecom reform measures introduced during 2014 should continue
to help Axtel to moderately improve its cost structure and
competitiveness.  The company stopped paying interconnection fees
to America Movil in August 2014, which has translated to higher
operating margins and enabled it to fully offset the revenue
erosion from the long-distance charge elimination.  During 1Q15,
Axtel's EBITDA generation improved by close to 8% to MXN783
million from MXN728 million despite revenue contraction.  As a
result, EBITDA margin during the period was 32.4%, compared to
24.5% a year ago.

Negative FCF:

Fitch forecasts Axtel to continue negative free cash flow (FCF)
generation over the medium term due to high capex, mainly related
to the enterprise business segment and FTTH.  As these segments
represent the company's key growth area, investments for
infrastructure and equipment will remain high over the medium term
at around MXN2.5 billion, which is slightly lower than the 2014
level of MXN2.8 billion.  In addition, working capital
requirements could increase with an increasing volume of business,
with the public entities, placing some pressure on cash flow from
operations (CFFO).  Positively, Fitch does not expect Axtel to
need any significant external financing as the negative FCF amount
is unlikely to be material and could be comfortably covered by its
high cash balance.

Stable Leverage:

Axtel's financial leverage is likely to remain stable over the
medium term with adjusted net leverage below 4.0x due to stable
EBITDA generation amid a modest increase in net debt level due to
negative FCF generation.  As of March 31, 2015, the company's
adjusted gross and net leverage ratios, including the off-balance-
sheet adjustment for rental expenses, were 4.6x and 3.7x,
respectively, which compare to 3.8x and 3.5x at end-2013.
Excluding the rental expenses, Axtel's net leverage was 2.8x,
which was a slight increase from 2.4x at end-2013 partly due to
adverse foreign exchange rate movement.  In light of the company's
operating profile, Fitch believes that Axtel's leverage is
moderate for the rating level.

Above-Average Recovery Prospects:

Axtel's secured notes rated 'B+/RR3' reflect good recovery
prospects in the event of default.  These notes are secured by
first-priority liens on all capital stock of subsidiary guarantors
and substantially all assets.  Securities rated 'RR3' have
characteristics consistent with securities historically recovering
51%-70% of current principal and related interest.  Conversely,
the remaining unsecured notes rated 'B-/RR5' are structurally
subordinated to the senior debt.  Securities rated 'RR5' have
characteristics consistent with securities historically recovering
11% - 30% of current principal and related interest.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Axtel include:

   -- Modest revenue contraction in 2015 followed by low-single-
      digit growth from 2016;
   -- EBITDA margins in the range of 28%-29% in 2015 and 2016;
   -- Continued modest negative FCF generation over the medium
      term due to high capex;
   -- Net leverage to remain below 4.0x over the medium term.

RATING SENSITIVITIES

Future developments that may, individually or collectively, lead
to a negative rating action include:

Ratings could be pressured in case of material deterioration in
Axtel's liquidity and failure to proactively refinance its debt
maturities, and/or weak performance due to competitive pressures
and low demand leading to persistent negative FCF generation and
higher leverage.

Conversely, a positive rating action is unlikely given the recent
distressed debt exchange in the absence of any significant
improvement in the company's financial profile.  Over the long
term, positive credit quality factors would include improvement in
the key operating metrics and EBITDA generation, positive FCF
generation and lower leverage on a sustained basis.

LIQUIDITY

Axtel's liquidity is sound in light of its high cash balance of
MXN3.2 billion as of March 31, 2015 which comfortably covered the
short-term debt of MXN493 million.  The company also has a USD130
million credit facility and does not face any sizable debt
maturity until 2017.


BANCA MIFEL: Fitch Raises IDR to 'BB'; Outlook Stable
-----------------------------------------------------
Fitch Ratings has upgraded Banca Mifel's Viability Rating to 'bb'
from 'bb-', and its long-term foreign and local currency Issuer
Default Ratings to 'BB' from 'BB-'.  The short-term foreign and
local currency ratings were affirmed at 'B'.  The long- and short-
term National scale ratings of Mifel were also upgraded to
'A(mex)' from 'A-(mex)' and to 'F1(mex)' from 'F2(mex)',
respectively.  The long-term Rating Outlook is Stable.

Mifel's Support Rating was affirmed at '5' and Support Rating
Floor at 'NF'.  The bank's global subordinated debt was upgraded
to 'B+' from 'B'.

                   Key Rating Drivers
          VR, IDRs And National Scale Ratings

The upgrade of Mifel's ratings reflects the bank's recently
improved profitability metrics driven by higher margins (interest
margin slightly above 4% of average earning assets in the first
quarter of 2015, compared to an average of 2.6% during the 2011-
2014 period) and well contained credit costs.

Despite the higher expenses associated with the changes on the
business model, Mifel has been able to revert this effect reaching
operating efficiency ratios roughly at 50%.  Fitch expects that
the recently improved profitability metrics to be sustainable, and
will continue to enhance the bank's internal capital generation.

The ratings are driven as well by its gradually improved asset
quality metrics through lower impairments and a higher reserve
coverage ratio (1.37% and 99.4% in the first quarter of 2015
[1Q15}, respectively), but still high concentrations among Mifel's
main creditors, together with geographic concentrations.  However,
these have been gradually easing in recent periods due to the
growth in mortgage loans.

Its adequate and relative stable funding base is also considered,
it is benefitted from a well-positioned customer deposit base that
has proven steady and recurring through the years.  Mifel's
constrained liquidity and somehow deteriorated loans to deposit
ratio are rating factors where the bank still has important room
for improvement, according to Fitch.

The bank's stable capital base is also considered, although it
compares unfavorably against it closest local peers.  Mifel's
Fitch core capital stood at 9.43% in 1Q15, proving stability
around 9% despite high loan growth in recent years.  The bank's
capital position has been supported by capital injections and
recently by its improved profitability.

Fitch considers that the bank would be able to maintain these
capitalization metrics through an enhanced internal capital
generation and growth based in lower risk-weighted assets as
mortgage loans.  Currently, Mifel is expecting a new capital
injection but since this has not yet been received, Fitch has not
factored in the potential positive benefits.

            Support Rating And Support Rating Floor

Mifel's Support Rating and Support Rating Floor were affirmed at
'5' and 'NF', respectively, in view of the bank's low systemic
importance, indicating that, although possible, external support
cannot be relied upon.

                      Subordinated Debt

The bank's global subordinated securities were also upgraded to
'B+' from 'B', two notches below the applicable anchor rating,
Mifel's VR of 'bb'.  The ratings are driven by Fitch's approach to
factoring certain degrees of subordination.  Similar securities
would typically be two notches lower for non-performance risk and
an additional notch lower for loss severity.  However, in the case
of Mifel, the overall notching is limited to two notches, due to
compression considerations (as per Fitch's existing criteria).

The notching factor in its non-performance risk (-1) since Fitch
considers that the triggers for coupon deferrals or cancellations
are relatively high, according to applicable local regulations;
and an additional (-1) for loss severity that reflects these
securities are plain-vanilla subordinated debt (subordinated
preferred, under the local terminology).

This issue receives no equity credit under Fitch's approach, since
these are dates securities without a loss absorbing feature that
triggers before the point of non-viability.

                    RATING SENSITIVITIES
             VR, IDRS And National Scale Ratings

Mifel's ratings could be affected negatively if the improving
trends in overall profitability and asset quality are not
sustained.  Fitch considers that these ratings could be downgraded
if operating ROA returns to levels below 1% consistently and/or if
Fitch's core capital is not sustained at least at 9%.  Material
deteriorations of its asset quality metrics and additional
pressures of its liquidity profile could trigger a downgrade the
bank's ratings.  In turn, the bank's ratings could be upgraded in
the medium term by material and sustained improvements of its
funding profile and overall profitability, together with material
reductions in its loans concentration.

          Support Rating And Support Rating Floor

A potential upgrade of Mifel's Support Rating and Support Rating
Floor is limited at present, since external support cannot be
relied upon, although it is possible.

                    Subordinated Debt

The bank's subordinated debt ratings will likely mirror any change
in the bank's VR, as this issue rating is expected to maintain the
same relativity to Mifel's credit rating, while the bank's VR is
at a sub-investment grade level.

The rating actions are as follows:

Banca Mifel, S.A.:

Fitch has upgraded these ratings:

   -- Long-term foreign and local currency IDRs to 'BB' from
      'BB-'; Outlook Stable;
   -- Viability rating to 'bb' from 'bb-';
   -- National-scale long-term rating to 'A(mex)' from 'A-(mex)';
      Outlook Stable;
   -- National-scale short-term rating to 'F1(mex) from 'F2(mex)'.
   -- Long-term cumulative subordinated preferred notes to 'B+'
      from 'B'.

Fitch has affirmed these ratings:

   -- Short-term foreign and local currency IDRs at 'B';
   -- Support rating at '5';
   -- Support rating floor at 'NF'.


BANCA MIFEL: Fitch Ups Viability Rating to 'bb'
-----------------------------------------------
Following its peer review of the Mexican Midsized banks, Fitch
Ratings has upgraded the ratings for these Midsized Banks:

Banca Mifel S.A.

   -- Long-term foreign and local currency Issuer Default Ratings
      (IDRs) to 'BB' from 'BB-'; Outlook Stable;
   -- Viability rating to 'bb' from 'bb-';
   -- National-scale long-term rating to 'A(mex)' from 'A-(mex)';
      Outlook Stable;
   -- National-scale short-term rating to 'F1(mex) from 'F2(mex)'.
   -- Long-term cumulative subordinated preferred notes to 'B+'
      from 'B'.

Bansi, S.A.

   -- National-scale long-term rating to 'A(mex)' from 'A-(mex)';
      Outlook Stable;
   -- National-scale short-term rating to 'F1(mex) from 'F2(mex)'.

Banco Multiva, S.A.

   -- National-scale long-term rating to 'A(mex)' from 'A-(mex)';
      Outlook Stable;
   -- National-scale short-term rating to 'F1(mex) from 'F2(mex)';
   -- Long-term senior unsecured debt to 'A(mex)' from 'A-(mex)'.

Also, Fitch has affirmed rating to the financial Institution:

Banca Mifel S.A.
   -- Short-term foreign and local currency IDRs at 'B';
   -- Support rating at '5';
   -- Support rating floor at 'NF'.

Banco Invex, S.A.
   -- National-scale long-term rating at 'A+(mex)'; Outlook
      Stable;
   -- National-scale short-term rating at 'F1(mex)'.

Banca Afirme, S.A.
   -- National-scale long-term rating at 'A-(mex)'; Outlook
      Stable;
   -- National-scale short-term rating at 'F2(mex)'.
   -- Long-term subordinated notes at 'BB+(mex)'


MAXCOM TELECOMUNICACIONES: S&P Affirms 'B-' CCR; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit and issue-level ratings on Maxcom
Telecomunicaciones S.A.B. de C.V.  At the same time, S&P's '3H'
recovery rating, indicating its expectation of meaningful (50%-
70%; upper half of the range) recovery for creditors in the event
of a payment default, remains unchanged.  The outlook on the
corporate credit rating remains stable.

"The ratings on Maxcom reflect its 'vulnerable' competitive
position due to its operations in only four Mexican states, its
small market share, smaller scale than of the larger and better
capitalized players in the Mexican market, limited growth
potential, and margin pressures amid a highly competitive
environment," said Standard & Poor's credit analyst Fabiola Ortiz.

Despite S&P's expectation of debt to EBITDA of about 4.0x, some
improvement in its credit metrics on higher EBITDA particularly at
its commercial segment, and some cost savings, S&P expects free
operating cash flow (FOCF) to debt to remain negative in 2015 and
slightly positive for the following years as capital expenditures
(capex) decrease.  Additionally, S&P's analysis considers the
potential volatility in the company's financial metrics due to
intense competition and the volatility of some of its segments.

The stable outlook reflects S&P's expectation that the company
will post modest revenue growth, slightly improve its financial
indicators, and maintain an "adequate" liquidity for the next two
years.

S&P could lower the rating if the company's liquidity weakens as a
result of intense competition and therefore, S&P starts to
perceive the company having a limited ability to make its coupon
payments.

An upgrade in the next 12 months is unlikely given the company's
"vulnerable" business risk profile and S&P's view that competition
will remain intense, which restricts the company's small scale and
could cause additional revenue pressures and raise churn rates.
However, in the longer term S&P could upgrade the company if its
scale grows and if debt to EBITDA falls below 3.0x and FOCF to
debt is at or above 25% on a constant basis.


QUALITAS CONTROLADORA: S&P Affirms 'BB' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB'
global scale long-term counterparty credit rating on Qualitas
Controladora S.A.B. de C.V. (QualCon).  At the same time, S&P
affirmed its 'mxAA/mxA-1+' national scale financial strength and
counterparty credit ratings on Qualitas Compania de Seguros,
S.A.B. de C.V. y Subsidiarias (Qualitas).  S&P also affirmed its
'BB+' financial strength and counterparty credit rating on U.S.-
based subsidiary, Qualitas Insurance Company (Quic).  The outlook
on all these companies remains stable.

S&P's rating on QualCon follows S&P's group rating methodology and
standard notching for non-U.S., non-operating holding companies
(NOHC).  As a result, the rating on QualCon is two notches below
the group's credit profile (GCP) as the insurance group has no
banking or significant non-regulated businesses.

"The rating differential incorporates the ongoing subordination of
QualCon's creditors to those of the policyholders of Qualitas"
said Standard & Poor's credit analyst Nicolas Lara.

"The ratings on Qualitas reflect our view of its 'satisfactory'
business risk profile and 'lower adequate' financial risk profile
due to its leadership position in the auto insurance segment,
positive brand recognition, and adequate operating performance, he
added".

The rating constraints are the company's monoline profile, capital
adequacy slightly below S&P's 'BBB' benchmark, and the relatively
aggressive capital management.

"Our ratings on Quic follow our group rating methodology and
standard notching for the "highly strategically" subsidiaries. As
a result, the ratings on Quic are one notch below QualCon's GCP.
We view Quic as a "highly strategic" subsidiary due to the
parent's strong level of support and commitment and the company's
high level of integration with respect to business strategy and
enterprise risk management (ERM).  In addition, we believe there
is a close link between Quic and the group's reputation, and the
subsidiary will benefit from the ongoing business of its parent
and affiliate in Mexico," S&P said.

The stable outlook on both QualCon and Quic reflects that of
Qualitas, which S&P expects to maintain its leadership position in
the Mexican auto insurance business.  The outlook also reflects
S&P's expectations that Qualitas will maintain adequate loss
ratios and operating performance, despite the rising competition.
S&P expects the company to maintain a combined ratio of 97%-98% in
the next two years.  S&P also expects the company to maintain a
capitalization ratio in line with the current ratings and
regulatory capitalization coverage to be at least 1.3x.

S&P could downgrade Qualitas and therefore QualCon and Quic if:
the company's capital falls below S&P's expectations; Qualitas
implements an aggressive dividend policy, which weakens
capitalization; a significant contraction in the auto insurance
business undermines Qualitas' financial or operating performance;
or QualCon implements aggressive expansion plans, which would
raise its debt and diminish financial flexibility to levels below
"adequate."

An upgrade is possible over the next two years if Qualitas
maintains sound risk management practices and currently
conservative capital management, which should improve
capitalization levels with a minimal regulatory capital coverage
at 1.5x and consistently in line with our 'BBB' benchmark.


======================
P U E R T O    R I C O
======================


PUERTO RICO AQUEDUCT: S&P Retains 'CCC+' Rating on Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services said its 'CCC+' ratings on
Puerto Rico Aqueduct & Sewer Authority's (PRASA) debt remain on
CreditWatch with negative implications.  The ratings were placed
on CreditWatch on April 25, 2015.

"While we view the negotiations with PRASA's committed line of
credit providers as a credit positive and another indication that
PRASA does not currently share some of the more profound cash
reserves and cash flow concerns elsewhere in the commonwealth,
PRASA still faces headwinds," said Standard & Poor's credit
analyst Theodore Chapman.

These challenges include:

   -- Market access at a relatively economic cost of borrowing
      that won't eat away at PRASA's recently established
      financial independence.  Regardless of the greater
      macroeconomic, demographic and fiscal challenges facing the
      commonwealth, PRASA's own capital requirements remain
      substantial - but not insurmountable - and largely
      reflecting unfunded regulatory mandates; and

   -- Remaining at arm's length from the ongoing budgetary
      challenges that continue to occupy the attention of the
      commonwealth's legislature.  S&P understands, for example,
      that the pending bill Act 24 proposes to compel
      municipalities, agencies, and public corporations to move
      all cash reserves to the Government Development Bank, but
      would not apply to any Puerto Rican entity if it would
      impede bondholders' rights such as those established in
      PRASA's 2012 master agreement of trust.

PRASA, on May 29, 2015, finalized an agreement with its committed
line of credit (LOC) providers that removes any immediate
contingent liquidity risk associated with a May 29, 2015, due
date.  The May 29 date had previously been extended from the
original date in March. The March extension included paying the
LOC providers - Banco Popular and Oriental Bank - a combined
$50 million to reduce the total draws to $150 million ($75 million
from each bank) from $200 million ($100 million each).  S&P
understands that the latest agreement includes:

   -- An increase in the Banco Popular commitment to $90 million
      from $75 million;

   -- Completely paying off the Oriental Bank line by using
      $60 million of cash on hand as well as the additional
      $15 million in capacity from Banco Popular; and

   -- An extension from Banco Popular to Aug. 31, 2015, under the
      assumption that PRASA will explore and potentially execute a
      bond sale prior to the due date, not only to convert the
      Banco Popular line to long-term debt, but also to provide
      funds for upcoming additional capital projects.  S&P
      understands that because PRASA uses the committed LOCs
      essentially as bond anticipation notes to provide interim
      financing for previously approved capital improvement
      projects, PRASA would be legally permitted to reimburse
      itself for the $110 million it has now paid to date.


PUERTO RICO ELECTRIC: Puerto Rico Gets $3.5BB Plan to Fix Utility
-----------------------------------------------------------------
Michelle Kaske and Alex Nussbaum at Bloomberg News report that a
joint venture including two U.S.-based energy companies is
proposing a $3.5 billion plan to modernize Puerto Rico Electric
Power Authority (PREPA), Puerto Rico's cash-strapped power
utility, which may be pushed to default on its debt.

York Capital Management LP, which manages about $26 billion, and
energy firms NRG Energy Inc. and ITC Holdings Corp. are offering
to build natural-gas generators on the island through their
consortium, Puerto Rico New Generation Partners, according to
Bloomberg News.

In return, the junk-rated power authority, called Prepa, would
agree to purchase electricity from the group for 30 years, Thomas
Atkins, senior director at NRG Energy told Bloomberg News in a
telephone interview.

Bloomberg News relates that Prepa has almost $9 billion of
obligations and is negotiating with its creditors to potentially
reduce that debt load.  The new proposal comes as Lisa Donahue,
Prepa's chief restructuring officer, is set to give the utility's
creditors her plan, Bloomberg News discloses.  Caribbean Business
earlier reported the New Generation Partners proposal.

Bloomberg News notes that commonwealth officials are encouraged by
the companies' interest, Melba Acosta, president of the the
island's Government Development Bank, said in an e-mailed
statement.  Ms. Acosta said any award will be made through
competitive bidding, Bloomberg News relates.

"At this stage of the process, we are not entertaining any
particular proposal regarding our modernization plans," Bloomberg
News quoted Ms. Acosta as saying.  "We are focused on discussing
our plan to transform Prepa and reach a fair agreement with
bondholders."

                         Savings Pitched

Bloomberg News notes that the joint venture's proposed investment
doesn't address Prepa's debt load or require the utility to sell
bonds to finance upgrades.  It would save Prepa an estimated $1.5
billion annually and potentially reduce its average cost per
kilowatt hour by nine cents, Bloomberg News relates.  Residents on
the island pay about twice as much for electricity than people on
the U.S. mainland, the report discloses.

Under the plan, says the report, the consortium would build and
own as much as 1,500 megawatts of natural-gas fired generators
plus an additional 400 megawatts of solar projects, allowing Prepa
to cut its reliance on expensive fuel oil.  The group would raise
the approximately $3.5 billion cost, with ITC Holdings spending as
much as $500 million to build new transmission and distribution
lines across the island, Bloomberg News says.

The new gas-fired units would be built in southern Puerto Rico and
use existing infrastructure to bring gas onto the island.  That
would avoid the fights over new pipelines that have sunk past
modernization plans, Bloomberg News notes.

Bondholder Plan

Mr. Donahue declined to comment on the new proposal through Jose
Echevarria, a Prepa spokesman.

A group of Prepa bondholders in March offered a $2 billion plan to
upgrade the utility's facilities, Bloomberg News notes.  Mr.
Donahue has said that proposal prematurely assumes full and timely
payment of debt and wouldn't meet environmental standards,
Bloomberg News relays.

"Our interests are aligned," Stephen Spencer, managing director at
Los Angeles-based Houlihan Lokey, an adviser to Prepa's
bondholders, said in an e-mailed statement about New Generation
Partners' plan, Bloomberg News says.  "Our goal is the improvement
of Prepa and therefore we welcome the introduction of any creative
solutions that will benefit all Prepa stakeholders."

                            *     *     *

The Troubled Company Reporter on Feb. 4, 2015 reported that
Standard & Poor's Ratings Services said it maintained its
'CCC' rating on the Puerto Rico Electric Power Authority's (PREPA)
power revenue bonds on CreditWatch with negative implications.
S&P originally placed the rating on CreditWatch on June 18, 2014.

On Dec. 15, 2014, TCRLA reported that Fitch is maintaining the
$8.6 billion of Puerto Rico Electric Power Authority (PREPA) power
revenue bonds on Negative Rating Watch.  The bonds are currently
rated 'CC'.

As reported in the Troubled Company Reporter on Sept. 19, 2014,
Moody's Investors Service has downgraded the rating for Puerto
Rico Electric Power Authority's (PREPA) $8.8 billion of Power
Revenue Bonds to Caa3 from Caa2.  This rating action concludes the
rating review that Moody's initiated on July 1, 2014.  PREPA's
rating outlook is negative.


=================
X X X X X X X X X
=================


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
FABRICA TECID-RT         FTRX1 BZ    66603695.4     -76419246.3
METROGAS SA-A          153255Z AR     331403741     -24462400.6
METROGAS SA-C          153263Z AR     331403741     -24462400.6
LA POLAR SA           NUEVAPOL CI     571550458     -31565432.3
TECTOY-PF-RTS5/6        TOYB11 BZ    27114628.6     -8215580.95
TEKA-ADR                 TEKAY US     313948165      -395261073
GOL-PREF                 GOLL4 BZ    3769323901      -125802483
GOL-ADR                    GOL US    3769323901      -125802483
GOL                      GOLL3 BZ    3769323901      -125802483
METROGAS-B               MGSBF US     331403741     -24462400.6
BOMBRIL                  BMBBF US     323685704       -31241748
KARSTEN                  CTKCF US     174656858     -10482924.6
KARSTEN-PREF             CTKPF US     174656858     -10482924.6
MANGELS INDL-PRF         MGIRF US     176399866     -61689625.2
TEKA                     TKTQF US     313948165      -395261073
TEKA-PREF                TKTPF US     313948165      -395261073
SNIAFA SA-B              SDAGF US    11229696.2     -2670544.86
TEC TOY SA-PREF          TOYDF US    27114628.6     -8215580.95
PUYEHUE RIGHT         PUYEHUOS CI      17878064     -7344408.97
BATTISTELLA-RIGH         BTTL1 BZ     120474772     -21271905.1
BATTISTELLA-RI P         BTTL2 BZ     120474772     -21271905.1
BATTISTELLA-RECE         BTTL9 BZ     120474772     -21271905.1
BATTISTELLA-RECP        BTTL10 BZ     120474772     -21271905.1
AGRENCO LTD-BDR         AGEN33 BZ     285996574      -543142756
GOL-ADR                    GOQ GR    3769323901      -125802483
PET MANG-RIGHTS       3678565Q BZ     140957879      -410925540
PET MANG-RIGHTS       3678569Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229292Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229296Q BZ     140957879      -410925540
MMX MINERACAO            TRES3 BZ    1223308090      -312940530
INEPAR-RT ORD         3697782Q BZ    1191789041      -214360998
INEPAR-RT PREF        3697786Q BZ    1191789041      -214360998
INEPAR-RCT ORD        3697790Q BZ    1191789041      -214360998
INEPAR-RCT PREF       3697794Q BZ    1191789041      -214360998
RB CAPITAL              RBCS3B BZ    13996658.5     -815.062365
MMX MINERACA-GDR         MMXMY US    1223308090      -312940530
BOMBRIL HOLDING          FPXE3 BZ    19416013.9      -489914853
BOMBRIL                  FPXE4 BZ    19416013.9      -489914853
SANESALTO                SNST3 BZ    21339668.9     -6954061.77
BOMBRIL-RGTS PRE         BOBR2 BZ     323685704       -31241748
BOMBRIL-RIGHTS           BOBR1 BZ     323685704       -31241748
MMX MINERACA-GDR      0567931D CN    1223308090      -312940530
MMX MINERACA-GDR          3M11 GR    1223308090      -312940530
LAEP-BDR                MILK33 BZ     222902269      -255311026
AGRENCO LTD               AGRE LX     285996574      -543142756
LAEP INVESTMENTS          LEAP LX     222902269      -255311026
INVERS ELEC BUEN         IEBAA AR     239575758     -28902145.8
INVERS ELEC BUEN         IEBAB AR     239575758     -28902145.8
OSX BRASIL SA            OSXB3 BZ    2592199410      -291661108
MMX MINERACAO            MMXCF US    1223308090      -312940530
CELGPAR                  GPAR3 BZ     233784351     -1156798479
RECRUSUL - RT         4529781Q BZ    25757600.8     -21626049.7
RECRUSUL - RT         4529785Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529789Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529793Q BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL11 BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL12 BZ    25757600.8     -21626049.7
BALADARE                 BLDR3 BZ     159449535     -52990723.7
TEXTEIS RENAU-RT         TXRX1 BZ    48951015.5     -73535330.8
TEXTEIS RENAU-RT         TXRX2 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT         TXRX9 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT        TXRX10 BZ    48951015.5     -73535330.8
CIA PETROLIF-PRF         MRLM4 BZ     377592596      -3014215.1
CIA PETROLIFERA          MRLM3 BZ     377592596      -3014215.1
NEWTEL PARTICIPA         NEWT3 BZ    10517157.2     -10542831.7
NOVA AMERICA SA          NOVA3 BZ    21287488.9      -183535526
NOVA AMERICA-PRF         NOVA4 BZ    21287488.9      -183535526
EBX BRASIL SA            CTMN3 BZ    2592199410      -291661108
GOL-ADR                   GOLN MM    3769323901      -125802483
OSX BRASIL SA            EBXB3 BZ    2592199410      -291661108
LA POLAR-RT           LAPOLARO CI     571550458     -31565432.3
ELECTRICIDAD ARG      3447811Z AR     948261051      -148983927
TEC TOY-RT            7335610Q BZ    27114628.6     -8215580.95
TEC TOY-RT            7335614Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335626Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335630Q BZ    27114628.6     -8215580.95
MMX MINERACAO-RT      4111484Q BZ    1223308090      -312940530
MMX MINERACA-RCT      4111488Q BZ    1223308090      -312940530
GOL-RT                0113333D BZ    3769323901      -125802483
GOL-RT                0113334D BZ    3769323901      -125802483
GOL-RCT               0113335D BZ    3769323901      -125802483
GOL-RCT               0113338D BZ    3769323901      -125802483
PET MANG-RT           4115360Q BZ     140957879      -410925540
PET MANG-RT           4115364Q BZ     140957879      -410925540
INEPAR-RT ORD            INEP1 BZ    1191789041      -214360998
INEPAR-RT PREF           INEP2 BZ    1191789041      -214360998
INEPAR-RCT ORD           INEP9 BZ    1191789041      -214360998
INEPAR-RCT PREF         INEP10 BZ    1191789041      -214360998
MINUPAR-RT            9314542Q BZ    76619687.5     -91780261.5
MINUPAR-RCT           9314634Q BZ    76619687.5     -91780261.5
MMX MINERACAO-RT      0626050D BZ    1223308090      -312940530
MMX MINERACA-RCT      0626051D BZ    1223308090      -312940530
PET MANG-RT           0229249Q BZ     140957879      -410925540
PET MANG-RT           0229268Q BZ     140957879      -410925540
RECRUSUL - RT         0163579D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0163580D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163582D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163583D BZ    25757600.8     -21626049.7
PORTX OPERA-GDR          PXTPY US     976769385     -9407990.18
PORTX OPERACOES          PRTX3 BZ     976769385     -9407990.18
OSX BRASIL S-GDR         OSXRY US    2592199410      -291661108
TEC TOY-RT            1254570D BZ    27114628.6     -8215580.95
TEC TOY-RT            1254571D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254572D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254573D BZ    27114628.6     -8215580.95
MMX MINERACAO           MMXM11 BZ    1223308090      -312940530
MINUPAR-RT            0599562D BZ    76619687.5     -91780261.5
MINUPAR-RCT           0599564D BZ    76619687.5     -91780261.5
PET MANG-RT              RPMG2 BZ     140957879      -410925540
PET MANG-RT           0848424D BZ     140957879      -410925540
PET MANG-RECEIPT         RPMG9 BZ     140957879      -410925540
PET MANG-RECEIPT        RPMG10 BZ     140957879      -410925540
GOL-RT                   GOLL1 BZ    3769323901      -125802483
GOL-RT                1003237D BZ    3769323901      -125802483
GOL-RCT                  GOLL9 BZ    3769323901      -125802483
GOL-RCT               1003238D BZ    3769323901      -125802483
LAEP INVESTMEN-B      0122427D LX     222902269      -255311026
LAEP INVES-BDR B      0163599D BZ     222902269      -255311026
RECRUSUL - RT         0614673D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0614674D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614675D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614676D BZ    25757600.8     -21626049.7
TEKA-RTS                 TEKA1 BZ     313948165      -395261073
TEKA-RTS                 TEKA2 BZ     313948165      -395261073
TEKA-RCT                 TEKA9 BZ     313948165      -395261073
TEKA-RCT                TEKA10 BZ     313948165      -395261073
MINUPAR-RTS              MNPR1 BZ    76619687.5     -91780261.5
MINUPAR-RCT              MNPR9 BZ    76619687.5     -91780261.5
LA POLAR-RT           LAPOLAOS CI     571550458     -31565432.3
RECRUSUL SA-RTS          RCSL1 BZ    25757600.8     -21626049.7
RECRUSUL SA-RTS          RCSL2 BZ    25757600.8     -21626049.7
RECRUSUL SA-RCT          RCSL9 BZ    25757600.8     -21626049.7
RECRUSUL - RCT          RCSL10 BZ    25757600.8     -21626049.7
OSX BRASIL - RTS      0701756D BZ    2592199410      -291661108
OSX BRASIL - RTS      0701757D BZ    2592199410      -291661108
LA POLAR SA            LAPOLAR CI     571550458     -31565432.3
MMX MINERACA-RTS         MMXM1 BZ    1223308090      -312940530
MMX MINERACA-RCT         MMXM9 BZ    1223308090      -312940530
OSX BRASIL - RTS      0812903D BZ    2592199410      -291661108
OSX BRASIL - RTS      0812904D BZ    2592199410      -291661108
OSX BRASIL SA            OSXRF US    2592199410      -291661108
OSX BRASIL - RTS         OSXB1 BZ    2592199410      -291661108
OSX BRASIL - RTS         OSXB9 BZ    2592199410      -291661108
NEWTEL PARTI-RTS      1051621D BZ    10517157.2     -10542831.7
PET MANG-RTS          1227980D BZ     140957879      -410925540
AGRENCO LTD-BDR         AGEN11 BZ     285996574      -543142756
LAEP-BDR                MILK11 BZ     222902269      -255311026
MMX MINERACA-GDR         MMXMD US    1223308090      -312940530
MMX MINERACAO            MMXXF US    1223308090      -312940530
GOL PREF - RTS           GOLL2 BZ    3769323901      -125802483
GOL PREF - RCT          GOLL10 BZ    3769323901      -125802483
BOMBRIL - RTS           BOBR11 BZ     323685704       -31241748
KARSTEN SA - RTS         CTKA1 BZ     174656858     -10482924.6
KARSTEN SA - RTS         CTKA2 BZ     174656858     -10482924.6
KARSTEN SA - RCT         CTKA9 BZ     174656858     -10482924.6
KARSTEN SA - RCT        CTKA10 BZ     174656858     -10482924.6
NEWTEL PARTI-RCT        NEWT9B BZ    10517157.2     -10542831.7
NEWTEL PARTI-RTS        NEWT1B BZ    10517157.2     -10542831.7
CELGPAR-RTS             GPAR11 BZ     233784351     -1156798479
LA POLAR-RTS BON      LAPOLAOB CI     571550458     -31565432.3
PET MANGUINH-RTS         RPMG1 BZ     140957879      -410925540
METROGAS-B                METR AR     331403741     -24462400.6
METROGAS-B BLOCK         METRB AR     331403741     -24462400.6
METROGAS-B               METRC AR     331403741     -24462400.6
METROGAS-B               METRD AR     331403741     -24462400.6
METROGAS SA               MGAI US     331403741     -24462400.6
METROGAS-B                MGSB GR     331403741     -24462400.6
METROGAS-ADR               MGS US     331403741     -24462400.6
METROGAS-ADR              MGSA GR     331403741     -24462400.6
ARTHUR LANGE             ARLA3 BZ    11642254.9     -17154460.3
ARTHUR LANGE SA         ALICON BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF         ARLA4 BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF        ALICPN BZ    11642254.9     -17154460.3
ARTHUR LANG-RT C         ARLA1 BZ    11642254.9     -17154460.3
ARTHUR LANG-RT P         ARLA2 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC C         ARLA9 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC P        ARLA10 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD C        ARLA11 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ    11642254.9     -17154460.3
BOMBRIL                  BOBR3 BZ     323685704       -31241748
BOMBRIL CIRIO SA        BOBRON BZ     323685704       -31241748
BOMBRIL-PREF             BOBR4 BZ     323685704       -31241748
BOMBRIL CIRIO-PF        BOBRPN BZ     323685704       -31241748
BOMBRIL SA-ADR           BMBPY US     323685704       -31241748
BOMBRIL SA-ADR           BMBBY US     323685704       -31241748
BUETTNER                 BUET3 BZ    82872146.2     -36299304.3
BUETTNER SA             BUETON BZ    82872146.2     -36299304.3
BUETTNER-PREF            BUET4 BZ    82872146.2     -36299304.3
BUETTNER SA-PRF         BUETPN BZ    82872146.2     -36299304.3
BUETTNER SA-RTS          BUET1 BZ    82872146.2     -36299304.3
BUETTNER SA-RT P         BUET2 BZ    82872146.2     -36299304.3
CAF BRASILIA             CAFE3 BZ     160933830      -149277092
CAFE BRASILIA SA        CSBRON BZ     160933830      -149277092
CAF BRASILIA-PRF         CAFE4 BZ     160933830      -149277092
CAFE BRASILIA-PR        CSBRPN BZ     160933830      -149277092
IGUACU CAFE              IGUA3 BZ     190073766       -74308212
IGUACU CAFE             IGCSON BZ     190073766       -74308212
IGUACU CAFE              IGUCF US     190073766       -74308212
IGUACU CAFE-PR A         IGUA5 BZ     190073766       -74308212
IGUACU CAFE-PR A        IGCSAN BZ     190073766       -74308212
IGUACU CAFE-PR A         IGUAF US     190073766       -74308212
IGUACU CAFE-PR B         IGUA6 BZ     190073766       -74308212
IGUACU CAFE-PR B        IGCSBN BZ     190073766       -74308212
SCHLOSSER                SCLO3 BZ    46981417.3     -55419754.7
SCHLOSSER SA             SCHON BZ    46981417.3     -55419754.7
SCHLOSSER-PREF           SCLO4 BZ    46981417.3     -55419754.7
SCHLOSSER SA-PRF         SCHPN BZ    46981417.3     -55419754.7
KARSTEN SA               CTKA3 BZ     174656858     -10482924.6
KARSTEN                  CTKON BZ     174656858     -10482924.6
KARSTEN-PREF             CTKA4 BZ     174656858     -10482924.6
KARSTEN-PREF             CTKPN BZ     174656858     -10482924.6
COBRASMA                 CBMA3 BZ    68585867.9     -2324358597
COBRASMA SA             COBRON BZ    68585867.9     -2324358597
COBRASMA-PREF            CBMA4 BZ    68585867.9     -2324358597
COBRASMA SA-PREF        COBRPN BZ    68585867.9     -2324358597
D H B                    DHBI3 BZ    94806424.1      -188014922
DHB IND E COM            DHBON BZ    94806424.1      -188014922
D H B-PREF               DHBI4 BZ    94806424.1      -188014922
DHB IND E COM-PR         DHBPN BZ    94806424.1      -188014922
DOCA INVESTIMENT         DOCA3 BZ     187044412      -204249587
DOCAS SA                DOCAON BZ     187044412      -204249587
DOCA INVEST-PREF         DOCA4 BZ     187044412      -204249587
DOCAS SA-PREF           DOCAPN BZ     187044412      -204249587
DOCAS SA-RTS PRF         DOCA2 BZ     187044412      -204249587
FABRICA RENAUX           FTRX3 BZ    66603695.4     -76419246.3
FABRICA RENAUX          FRNXON BZ    66603695.4     -76419246.3
FABRICA RENAUX-P         FTRX4 BZ    66603695.4     -76419246.3
FABRICA RENAUX-P        FRNXPN BZ    66603695.4     -76419246.3
HAGA                     HAGA3 BZ    17930008.8       -31863962
FERRAGENS HAGA          HAGAON BZ    17930008.8       -31863962
FER HAGA-PREF            HAGA4 BZ    17930008.8       -31863962
FERRAGENS HAGA-P        HAGAPN BZ    17930008.8       -31863962
CIMOB PARTIC SA          GAFP3 BZ    44047412.2     -45669964.1
CIMOB PARTIC SA          GAFON BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFP4 BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFPN BZ    44047412.2     -45669964.1
IGB ELETRONICA           IGBR3 BZ     307112239     -59872446.9
GRADIENTE ELETR          IGBON BZ     307112239     -59872446.9
GRADIENTE-PREF A         IGBR5 BZ     307112239     -59872446.9
GRADIENTE EL-PRA         IGBAN BZ     307112239     -59872446.9
GRADIENTE-PREF B         IGBR6 BZ     307112239     -59872446.9
GRADIENTE EL-PRB         IGBBN BZ     307112239     -59872446.9
GRADIENTE-PREF C         IGBR7 BZ     307112239     -59872446.9
GRADIENTE EL-PRC         IGBCN BZ     307112239     -59872446.9
HOTEIS OTHON SA          HOOT3 BZ     207664352     -21612890.7
HOTEIS OTHON SA         HOTHON BZ     207664352     -21612890.7
HOTEIS OTHON-PRF         HOOT4 BZ     207664352     -21612890.7
HOTEIS OTHON-PRF        HOTHPN BZ     207664352     -21612890.7
RENAUXVIEW SA            TXRX3 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXON BZ    48951015.5     -73535330.8
RENAUXVIEW SA-PF         TXRX4 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXPN BZ    48951015.5     -73535330.8
INEPAR                   INEP3 BZ    1191789041      -214360998
INEPAR SA               INPRON BZ    1191789041      -214360998
INEPAR-PREF              INEP4 BZ    1191789041      -214360998
INEPAR SA-PREF          INPRPN BZ    1191789041      -214360998
INEPAR-COM DVD          INEP11 BZ    1191789041      -214360998
INEPAR BONUS B          INEP12 BZ    1191789041      -214360998
INEPAR-PRF DVD          INEP13 BZ    1191789041      -214360998
PARMALAT                 LCSA3 BZ     388720096      -213641152
PARMALAT BRASIL         LCSAON BZ     388720096      -213641152
PADMA INDUSTRIA          LCSA4 BZ     388720096      -213641152
PARMALAT BRAS-PF        LCSAPN BZ     388720096      -213641152
PARMALAT BR-RT C         LCSA5 BZ     388720096      -213641152
PARMALAT BR-RT P         LCSA6 BZ     388720096      -213641152
MANGELS INDL             MGEL3 BZ     176399866     -61689625.2
MANGELS INDL SA         MISAON BZ     176399866     -61689625.2
MANGELS INDL-PRF         MGEL4 BZ     176399866     -61689625.2
MANGELS INDL-PRF        MISAPN BZ     176399866     -61689625.2
ESTRELA SA               ESTR3 BZ     101429217      -112373470
ESTRELA SA              ESTRON BZ     101429217      -112373470
ESTRELA SA-PREF          ESTR4 BZ     101429217      -112373470
ESTRELA SA-PREF         ESTRPN BZ     101429217      -112373470
MET DUQUE                DUQE3 BZ    75039127.4     -2847420.37
MET DUQUE                MDUON BZ    75039127.4     -2847420.37
MET DUQUE-PREF           DUQE4 BZ    75039127.4     -2847420.37
MET DUQUE-PREF           MDUPN BZ    75039127.4     -2847420.37
WETZEL SA                MWET3 BZ      85449973     -19170318.6
WETZEL SA               MWELON BZ      85449973     -19170318.6
WETZEL SA-PREF           MWET4 BZ      85449973     -19170318.6
WETZEL SA-PREF          MWELPN BZ      85449973     -19170318.6
MINUPAR                  MNPR3 BZ    76619687.5     -91780261.5
MINUPAR SA              MNPRON BZ    76619687.5     -91780261.5
MINUPAR-PREF             MNPR4 BZ    76619687.5     -91780261.5
MINUPAR SA-PREF         MNPRPN BZ    76619687.5     -91780261.5
NOVA AMERICA SA         NOVA3B BZ    21287488.9      -183535526
NOVA AMERICA SA         NOVAON BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVA4B BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVAPN BZ    21287488.9      -183535526
NOVA AMERICA-PRF        1NOVPN BZ    21287488.9      -183535526
NOVA AMERICA SA         1NOVON BZ    21287488.9      -183535526
RECRUSUL                 RCSL3 BZ    25757600.8     -21626049.7
RECRUSUL SA             RESLON BZ    25757600.8     -21626049.7
RECRUSUL-PREF            RCSL4 BZ    25757600.8     -21626049.7
RECRUSUL SA-PREF        RESLPN BZ    25757600.8     -21626049.7
PETRO MANGUINHOS         RPMG3 BZ     140957879      -410925540
PETRO MANGUINHOS        MANGON BZ     140957879      -410925540
PET MANGUINH-PRF         RPMG4 BZ     140957879      -410925540
PETRO MANGUIN-PF        MANGPN BZ     140957879      -410925540
RIMET                    REEM3 BZ     103098359      -185417651
RIMET                   REEMON BZ     103098359      -185417651
RIMET-PREF               REEM4 BZ     103098359      -185417651
RIMET-PREF              REEMPN BZ     103098359      -185417651
SANSUY                   SNSY3 BZ     164647493      -171565662
SANSUY SA               SNSYON BZ     164647493      -171565662
SANSUY-PREF A            SNSY5 BZ     164647493      -171565662
SANSUY SA-PREF A        SNSYAN BZ     164647493      -171565662
SANSUY-PREF B            SNSY6 BZ     164647493      -171565662
SANSUY SA-PREF B        SNSYBN BZ     164647493      -171565662
SNIAFA SA                 SNIA AR    11229696.2     -2670544.86
SNIAFA SA-B              SNIA5 AR    11229696.2     -2670544.86
PILMAIQUEN             PILMAIQ CI     169175281     -28425493.1
BOTUCATU TEXTIL          STRP3 BZ    27663605.3     -7174512.12
STAROUP SA              STARON BZ    27663605.3     -7174512.12
BOTUCATU-PREF            STRP4 BZ    27663605.3     -7174512.12
STAROUP SA-PREF         STARPN BZ    27663605.3     -7174512.12
TECTOY                   TOYB3 BZ    27114628.6     -8215580.95
TECTOY SA               TOYBON BZ    27114628.6     -8215580.95
TECTOY-PREF              TOYB4 BZ    27114628.6     -8215580.95
TECTOY SA-PREF          TOYBPN BZ    27114628.6     -8215580.95
TEC TOY SA-PREF          TOYB5 BZ    27114628.6     -8215580.95
TEC TOY SA-PF B          TOYB6 BZ    27114628.6     -8215580.95
TECTOY                  TOYB13 BZ    27114628.6     -8215580.95
TECTOY-RCPT PF B        TOYB12 BZ    27114628.6     -8215580.95
TEKA                     TEKA3 BZ     313948165      -395261073
TEKA                    TEKAON BZ     313948165      -395261073
TEKA-PREF                TEKA4 BZ     313948165      -395261073
TEKA-PREF               TEKAPN BZ     313948165      -395261073
TEKA-ADR                 TKTPY US     313948165      -395261073
TEKA-ADR                 TKTQY US     313948165      -395261073
F GUIMARAES              FGUI3 BZ    11016542.2      -151840378
FERREIRA GUIMARA        FGUION BZ    11016542.2      -151840378
F GUIMARAES-PREF         FGUI4 BZ    11016542.2      -151840378
FERREIRA GUIM-PR        FGUIPN BZ    11016542.2      -151840378
VARIG SA                 VAGV3 BZ     966298048     -4695211008
VARIG SA                VARGON BZ     966298048     -4695211008
VARIG SA-PREF            VAGV4 BZ     966298048     -4695211008
VARIG SA-PREF           VARGPN BZ     966298048     -4695211008
WIEST                    WISA3 BZ    34107195.1      -126993682
WIEST SA                WISAON BZ    34107195.1      -126993682
WIEST-PREF               WISA4 BZ    34107195.1      -126993682
WIEST SA-PREF           WISAPN BZ    34107195.1      -126993682
ELEC ARG SA-PREF         EASA6 AR     948261051      -148983927
ELEC ARGENT-ADR           EASA LX     948261051      -148983927
ELEC DE ARGE-ADR         1262Q US     948261051      -148983927
LOJAS ARAPUA             LOAR3 BZ    37959788.7     -3613691912
LOJAS ARAPUA            LOARON BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF         LOAR4 BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        LOARPN BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        52353Z US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         3429T US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         LJPSF US    37959788.7     -3613691912
BATTISTELLA              BTTL3 BZ     120474772     -21271905.1
BATTISTELLA-PREF         BTTL4 BZ     120474772     -21271905.1
HOPI HARI SA             PQTM3 BZ     129077627     -2031408.69
HOPI HARI-PREF           PQTM4 BZ     129077627     -2031408.69
PARQUE TEM-DV CM          PQT5 BZ     129077627     -2031408.69
PARQUE TEM-DV PF          PQT6 BZ     129077627     -2031408.69
PARQUE TEM-RT CM         PQTM1 BZ     129077627     -2031408.69
PARQUE TEM-RT PF         PQTM2 BZ     129077627     -2031408.69
PARQUE TEM-RCT C         PQTM9 BZ     129077627     -2031408.69
PARQUE TEM-RCT P        PQTM10 BZ     129077627     -2031408.69
INVERS ELEC BUEN          IEBA AR     239575758     -28902145.8
NEWTEL PARTICIPA        NEWT3B BZ    10517157.2     -10542831.7
NEWTEL PARTICIPA        1NEWON BZ    10517157.2     -10542831.7
MMX MINERACAO            MMXM3 BZ    1223308090      -312940530
TRESSEM PART SA         1TSSON BZ    1223308090      -312940530
CIA PETROLIFERA         MRLM3B BZ     377592596      -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ     377592596      -3014215.1
CIA PETROLIFERA         1CPMON BZ     377592596      -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ     377592596      -3014215.1
PUYEHUE                  PUYEH CI      17878064     -7344408.97
IMPSAT FIBER NET         IMPTQ US     535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET         XIMPT SM     535007008       -17164978
IMPSAT FIBER-CED          IMPT AR     535007008       -17164978
IMPSAT FIBER-C/E         IMPTC AR     535007008       -17164978
IMPSAT FIBER-$US         IMPTD AR     535007008       -17164978
IMPSAT FIBER-BLK         IMPTB AR     535007008       -17164978
VARIG PART EM TR         VPTA3 BZ    49432119.3      -399290357
VARIG PART EM-PR         VPTA4 BZ    49432119.3      -399290357
VARIG PART EM SE         VPSC3 BZ      83017828      -495721697
VARIG PART EM-PR         VPSC4 BZ      83017828      -495721697


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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